All posts tagged Dallas

The Dallas home of Erich Spangenberg, founder of patent-assertion firm IPNav, has hit the market for $19.5 million.

Located in the tony neighborhood of Preston Hollow, the 14,139-square-foot estate has six bedrooms, seven bathrooms and three half baths. It has a gold-leaf dining-room ceiling with a Baccarat chandelier, a blue-velvet paneled theater room with a ticket booth and concession stand, and a 2,200-bottle wine vault. There are Venetian plastered hallways, coffered ceilings, marble and wood floors and security cameras throughout the home. Read More »

Carrying a heavy debt load put on at the market’s peak, the third-tallest building in Dallas is facing a risk of default and has been placed under the oversight of a special servicer that deals with troubled loans, Fitch Ratings said Thursday.

Landlord Metropolitan Real Estate Investors bought the property, the 60-story Comerica Bank Tower, in late 2006, and put on a hefty $180 million mortgage, according to loan research service Trepp LLC. While the owners have been able to cover their debt service up until now, they have reported to creditors that a major tenant is not expected to renew its lease later in the year, according to Trepp. Facing an expected drop in revenue from the 1.5 million square foot tower, Metropolitan is looking to modify its loan, which matures in 2017.

Like many a landlord that bought in late 2006, Metropolitan– which also bought the Lipstick Building at 885 Third Avenue in New York in what proved to be a troublesome investment – bet that rents would rise over the course of the loan, according to loan documents from the time. But as of late 2009, the latest info available, the property’s net income was $15.3 million, below the $18.3 million ultimately expected, according to Trepp and deal documents. Read More »